do I fill out the present P & I on that house as well as the Proposed or just fill out how much she pays in Rent in the present and leave everything else in the Present blank?
2007-02-11 06:45:44 · 3 answers · asked by Jim L 2 in Business & Finance ➔ Renting & Real Estate
Question: Is the second home indeed a second home...is it near a vacation hot spot, resort area, is it utilized through-out the year by your client? If any of these plus the last question are yes, than it is a second home and would not be refinanced as an investment property. Your client will get a more favorable rate and better LTV/CLTV. If these answers are a resounding no, than it is a N/O/O and should be disclosed as such.
The present rent does not need to be disclosed on page 2 of the 1003, only new proposed payment for subject property. If you are using calyx point: Go into for your HE & Oblig screen under other payments/ other and list the amount borrower pays for rent for debt ratio purposes. Also, make sure you check secondary and refinance on the borrower page of your origination software or if hand taken; page 1 of the 1003. Good Luck!
2007-02-11 07:16:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You have to list the second home as an asset and the mortgage payments on the second home as a liability. The loans needs to be a NOO since she lives in a rental and her second home is investment property.
2007-02-11 06:56:56 · answer #2 · answered by annazzz1966 6 · 0⤊ 0⤋
I've been surfing more than 4 hours today seeking the answers to the same question, but I haven't found a more interesting discussion like this. it's pretty worth enough for me.
2016-08-23 17:45:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋